Space Summary
The Twitter Space Building In The Crypto Space hosted by xyro_io. Discover the future of trading in the crypto space with AI-powered technologies and Web3 gamification. Learn how partnerships with industry giants like @AnimocaBrands & @CoinMarketCap drive innovation and credibility. Dive into key takeaways, from the significance of community involvement to the necessity of regulatory compliance and data security. Explore insights on building user trust through transparency and education. Stay ahead in the evolving crypto market with innovative solutions and user-friendly design.
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Space Statistics
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Questions
Q: How does AI revolutionize trading in the crypto space?
A: AI enhances trading by analyzing data, predicting trends, and automating processes for more efficient decision-making.
Q: What benefits does Web3 gamification bring to crypto trading platforms?
A: Web3 gamification makes trading more engaging, interactive, and rewarding for users, fostering increased participation.
Q: Why are partnerships with industry leaders crucial for crypto projects?
A: Partnerships provide credibility, support, and access to valuable resources and expertise, boosting the project's visibility and success.
Q: How can AI-driven platforms ensure transparency and trust?
A: By offering transparent algorithms, data security measures, and clear communication, AI-driven platforms can build trust with users.
Q: What role does community involvement play in the development of crypto trading technologies?
A: Community involvement fosters feedback, user insights, and a sense of ownership, leading to better products and increased adoption.
Q: Why is regulatory compliance important for crypto trading platforms?
A: Compliance ensures legal adherence, protects users' interests, and paves the way for mainstream acceptance and growth of the platform.
Q: How can crypto trading platforms address data security concerns?
A: By implementing robust encryption, multi-factor authentication, and regular security audits, platforms can enhance data protection and user trust.
Q: What are the challenges in innovating within the crypto trading sector?
A: Challenges include market volatility, scalability issues, evolving technologies, and the need to balance innovation with regulatory requirements.
Q: Why is user-friendly interface design crucial for crypto trading platforms?
A: Intuitive interfaces enhance user experience, encourage participation, and attract a wider audience to crypto trading platforms.
Q: What impact does education and transparency have on user adoption of crypto trading technologies?
A: Educational resources and transparent communication build confidence, empower users, and drive wider acceptance of crypto trading platforms.
Highlights
Time: 00:15:32
AI-Powered Trading Insights Discussion on the benefits and challenges of integrating AI into crypto trading platforms.
Time: 00:25:48
Web3 Gamification Strategies Exploring how gamification elements can enhance user engagement and retention in crypto trading.
Time: 00:35:57
Partnership Impact on Crypto Projects Insights from industry leaders on the importance of strategic partnerships for crypto platforms.
Time: 00:45:14
The Future of Blockchain Technology in Trading Predictions and trends regarding the role of blockchain in shaping the future of crypto trading.
Time: 00:55:22
Community Building for Sustainable Growth Strategies for fostering a strong and engaged community around crypto trading innovations.
Time: 01:05:39
Regulatory Challenges and Compliance Navigating the regulatory landscape and ensuring compliance for crypto trading platforms.
Time: 01:15:47
Security Measures in Crypto Trading Best practices for securing user data and maintaining trust in crypto trading ecosystems.
Time: 01:25:55
Innovative Solutions in a Dynamic Market Exploring how innovation drives competitiveness and growth in the crypto trading sector.
Time: 01:35:02
User Experience and Interface Design Importance of user-centric design and seamless interfaces for enhancing crypto trading platforms.
Time: 01:45:19
Transparency and Education for Users The role of transparent communication and educational resources in building trust with crypto traders.
Key Takeaways
- AI technologies are reshaping the trading landscape in the crypto space.
- Web3 gamification adds an engaging and interactive element to crypto trading platforms.
- Partnerships with industry giants like @AnimocaBrands & @CoinMarketCap provide credibility and support for new ventures.
- The fusion of AI, Web3, and blockchain technology opens new possibilities for innovative trading solutions.
- Community involvement and support are essential for the success and adoption of AI-driven crypto trading platforms.
- Education and transparency play a crucial role in gaining trust and loyalty from crypto traders.
- Accessibility and user-friendly interfaces are key for mass adoption of crypto trading technologies.
- Continuous innovation and adaptability are necessary to stay competitive in the evolving crypto market.
- Data security and privacy concerns should be addressed to build trust and attract more users.
- Regulatory compliance and alignment with industry standards are vital for the long-term sustainability of crypto trading platforms.
Behind the Mic
Reflection on Time
Time marches on never ending time keeps its own time here we stand at beginning and in those passing us by and I I can't dream for us oh, now I will make the same mistakes time and time again time marches on never ending time keeps its own time now have no fear of my fears and no more tears to cry than mourning morning won't never be the same now I will make the same mistake time and time again time and time again time and time again.
Searching for a Partner
I'm looking for a man in finance, trust fund six five blue eyes. Finance, trust fund six five I'm looking for a man in finance, trust fund six five blue eyes finance, trust fund six five I'm looking for a man in finance, trust fund six five their eyes finance, trust fund six five I'm looking for a man in finance, trust fund six 50 finance trust fund are we looking for a man in finance? Looking for a man in finance, trust one six five blue eyes. Finance trust fund six fine. Looking for a man in finance, trust fund six fine blue eyes. Finance trust on excite. Excite. Looking for a man in finance that's all I want that's all I want I'm looking for a man in finance just fun. I'm looking for a man in finance just fine six five blue eyes.
Introduction to the Show
Gm. Gm. Everybody, welcome back to another banger show with Exiro, the unique AI powered trading platform revolutionizing crypto with web free gamification. We're talking all today about building in the crypto space. No matter what part of the industry, what part of the space you're in, if you're building in it. This conversation is for you today. And we've got some banger guest speakers to talk all about this one, too. So we have, obviously, we've got Jared and Fred and memes are what I do. Occasional farmer, I'm going to say. He's got a little track this time. So, Jared, you often don't come up with your own account. So I'm here for this homie and big space host at Exiro IO. He is going to be helping me out today. He's going to be a legend. How do we get you in the co host spot? Homie, we need to get you in the co host spot.
Introducing Guest Speakers
We also have Kibi with us today, the leading blockchain based loyalty infrastructure powering the 500 billion global rewards economy. And we have Gabrielle, the co founder and CEO at Kibi with us today to talk all about this. We have MHL Eve, the web free business and tokenomics consultant, founder of MHL Solutions, council member at NeO Tokyo. With us today, we also have Minpad, the easiest way to launch your NFT collection or digital art. Our tool is 100% free for creators with us. And we've got John Lemon, founder of the Doge Pound, NFT investor Igloo Inc. Founder of Mintpad Co. Love to build products and be good. Oh, sorry. Be goofy. And then it's just a woo. And I didn't know if I was going to do that or not, John, but there you go. You got me to do it. I'm blaming the jet lag. I'm still struggling after Singapore. I'm so caffeinated, it's ridiculous. So we're just going to have to deal with my kooky ways today, people. I'm also feeling a little kooky.
Discussion on Building in Crypto
Jared, how are you feeling, homie? Are you excited to be on the show today? Excited for the conversation. It, dude, honestly? Yeah. Like, it's become our theme tune right for the show now. And I just had a little play around. I was like, maybe let's play another banger first. Roll into the show with theme tune. I feel like, you know, we want as many people exposed to that song as possible. So when they hear it, they hear Xiro just like in the same, like, somehow it just, they know it is an exiro show when they hear that song. And look, I'm really excited for this one, dude. Building in the crypto space. I know you've been building with Xyro for a while. What's the first thing that comes into your head about, like, when you read the title of today's show? Like, what does it even mean to build in this space? I know throwing the hard questions at you straight off the bat, dude, no prisoners.
The Nature of Building in Crypto
We can only hope, dude, we can only hope. And that's a good, that's a really, you know, off the bat because you had no warning for me to just throw that question right at you there. That was a great analogy of, like, how to react in this space. The tentacled monster, if you will. You know, being able to really compete in so many different industries and trades. Also, you know, you've got to be a heavy marketer. You've got to be able to deal with a community who are way more active than anything in web two. You've got to have your social media hat on. You've also got to be a good public speaker and be able to do spaces, because that is a thing that not everyone can do. My early days, dude of spaces. Oh, my God. I couldn't do, like a minute without sweating. Like, I was just like, oh, my God, there's like 100 people in here. Like, I just. It was crazy. So, like, it is a tool. It is something that you have, you know, it's not like riding a bike.
Community Engagement and Feedback
If you spend a couple months off spaces and come back to it's like restart. So these guys are absolute go to up here today listeners, if you're excited for this one. Let's get the likes and the retweets of the show out. Let's absolutely blow this one up as we get round to all goated speakers. Gabrielle, I'm going to throw the mic over to you next. What hit your brain? Like, obviously, Kibi, absolutely crushing it right now. But building in the crypto space, what's the first thing that comes to your mind? The first thing that comes to my mind, actually building something. I mean, I don't think that we have enough buildings in this space, so I would push that as much as possible because there's a lot of marketing and not a lot of product to see. So I'm really focused on building with the team and pushing that as much as possible. Because if you build something amazing, also, if it's not that amazing, you get a feedback pretty fast.
Importance of the Product
So build something, push it out. And I think that, honestly, the rules are not that different than in web two. You need to find product market Fitzhen. That is, you have completely different dynamics in the web three, space. But at the end of the day, you have a product, you have a market, and it needs to fit only through that you will actually bring people to Valhalla, as Jared said. Dude, that's so on the nose. I can't believe you went there so early on. But, yeah, like a tangible thing that people can see. Dude. Yeah. That is a very under nose. John, you were throwing some laughy faces there, dudes. I'm going to throw the mic over to you. What's in your head now, and that's a hard act to follow from Jared and Gabrielle. So throwing you the mic here. Yeah, thanks for having me, guys. I got to give a shout out to Jared. That might have been the best woo.
Characteristics of Successful Founders
That I've ever heard, actually out of space. No, I mean, I definitely agree. I think maybe another thing that comes to mind in this space, with it being kind of so up and down, you definitely got to have some grit. You got to be able to have a vision and stick to it. And, you know, I've been building, I guess, quote unquote building for about the last three and a half years in this space. And there's been some times where I can say it's been really easy, and there's been some times where it's been extremely hard. So, yeah, I definitely. That's probably the first thing that comes to my mind, is having some grit, actually build something real. And at the end of the day, you got to pick something. And, like, Gabriel, it's Gabrielle, right? Like, yeah, like Gabrielle said, you got to have some sort of market fit and stay true to what you want to build.
The Role of Community in Building
So I'll start there. We'll start with some grit. That's a great take, dude. Like, honestly, it's something I aggressively look for in a founder now, like, in web three. You know, whether it's a seed round, whether it's tokens, whether, you know, any sort of stake where I feel like, look, the success of the thing that I own, even a collectible, still is going to depend on the success of the team, which, let's be honest, is 99% of the stuff that comes out of web three. If I don't feel like the founder has, like, grit, like, you're not going to be able to deal with the litany of complaints that are going to come from your own holders. The wider space, you know, if you succeed, that is only going to get louder.
Handling Challenges in the Space
And honestly, even if it's nothing complaints, it will be, hey, how about you do this? Because this is what the market's really valuing right now. And you might just be like, yeah, that just does not fit in to the product. But unless you have, like, real grit and real, you know, conviction in what you're actually putting out there, then, honestly, that's not something I like to see. I don't like to see a founder who placates too much to the community. I like to see a founder aggressively interact with that community. But, you know, certain expectations of, look, this is what we're here to build. If you're into that, then, you know, you're in the right place. If you're not, then look at it.
Navigating Trends and Market Feedback
We aren't going to just follow every single trend of meta unless it connects to what we're building. I think. Yeah, honestly, constructively, that's. That's the thing that I look for now after spending some time in this space and, you know, really voting with my feet in other ways and thinking, oh, these guys are nimble. They're adapting, you know, this startup culture, it's like, oh, shit, no. They don't have a clue what they're doing. That's why they're so adaptable. They just adapting to like anything anybody says because they don't know what to do themselves. Themselves. Ryder, I'm going to throw the mic over to you, homie. Where's your, what's your take on the conversation so far? And how important is community feedback to a project in this space as well?
Balancing Conviction and Community
And how do you balance those lines, you know, of like still being convicted in what you build but also, you know, being there for the community inherent.
Introduction of Ryder
What's up, guys? I'm Ryder. I'm here as a replacement for quick swap. I work for lunar digital assets. We're a venture studio that incubated quick swap.
Building in Crypto
So yeah, when you ask the question about what it's, you know, what it means to be building in crypto, the crypto space, you know, the first thing is future and sacrifice. And that kind of just leads into the second part, you know, like when we're here, there's really nothing promised or guaranteed. You know, we're building startups and, you know, you never know what's really going to happen, especially if you started, you know, years ago with regulations and just all the shifting and dynamics of this entire space of markets. Right. But we're still here going and we take that sacrifice.
Community-Driven Approach
So one of the things, like with quick swap, it's kind of when you ask about community and, you know, we're community driven decks, you know, in fact, you know, the, when it came to the tokens, we didn't even have a pre sale seed raise it. People actually had to provide liquidity onto the Dex in itself in order to gain the token. And that's kind of what drove the token price. Yeah, a lot different than most other projects and platforms out here. Why? Because we actually, you know, we have a community driven thought process and that even takes us to our CEO Rock, you know, or the co founder, the CEO of Lunar Digital Assets.
Sacrifices Made by Founders
He's one of the co founders of Quick Swap in itself. And he, in fact, you know, was a big provider of liquidity onto quick swap and actually didn't, hasn't sold like a single token for quick swap and ended up having to pay tons of taxes on it. And that's what I mean, the sacrifice part on this, there's a lot of things that, you know, for a founder and for builders, sometimes when you're taking care of something and wanting it to succeed and thrive and community sentiment, I mean, there's just so much that goes involved into it. So yeah, it's future and sacrifice and it's gonna take a lot of that to really thrive in this ecosystem.
Reflections on Community and Creativity
I love that. Dude, I'm really having to wrap my brain and this is no shade, homie, but I'm really having to wrap my brain over the fact that milady's can offer like genuine, like Giga brain opinions like the brand is. There's so many different creators now within these brands. And then you've got the Billy dollar cat glasses on top, dude, I'm loving it. I'm loving the takes. I'm loving just like seeing how people vibe because I feel like I know you a bit more just from the PfP and then you come out with that. I'm like, oh, dude, this dude's not only a degenerate but a gigabrain too.
Prompt for Further Discussion
I'm freaking loving this MHL. I'm bringing you into the mix here, wherever you want to go with this conversation as it's evolving in my head, you know, where does the community stand? What's your take on building in this space? I think we've had some great answers and would love to hear your take on all of this too. Such a great conversation. I'll be honest with you, I love talking about building. I'm a builder myself and I believe, and I agree with Gabrielle, actually, we need more builders.
Importance of Building and Innovation
In my opinion. There are so many problems in the webshoot space that needs to be solved. That building a venture tomorrow, it's that easy myself. Today I woke up in the morning and I had this crazy idea of potential venture. And the first thing I did was put that on a paper and write down a pitch of ten pages and a pitch it to a friend of mine, okay. Surely he said, I don't like it's a very bad one. But the thing is, I took action and I think that's the most important part because again, there are so many problems to be solved.
Community Building and Projects
Community does a lot. Actually, Neo Tokyo is a gaming community, but it's also focused on building cool stuff. And we have so many projects that were built within the citadel, within the walls of the community. My company, for example, solves a problem which is creating to economics in a space where still economics is very underestimated. We have other products such as Kerberos for example, which is a simple extension for your computer for your browser, which basically protects you on each transaction you perform. So there are so the, I would say the effort that collective community puts together into building a product.
The Essence of Building
In my opinion, that's magic. And I do love it a lot. That's why I believe building is some sort of form of art, I would say. I love it. I think, honestly, it's hard for me because I came into this space for innovation and I came into web three with this long term idealism.
Reflections on Early Internet
I guess that this was early days Internet, and with that, my expectations were early days Internet. And I genuinely had this sort of expectation that, like, a lot of this is gonna fail, but I get to be a part of what, you know, like was the coolest thing. Like, when I'm a sad individual, guys, I'm a nerd. Like, I read like Steve Jobs. I read like, you know, all about, like, these sounders, intel, Pixar, like all of these companies that sort of came out of this, Amazon and Facebook. Like, obviously this is a little bit later, but really just from that.com, from the bubble onwards, like, this Internet eradic.
Struggles and Innovation
And I was like, I just want to be a part of that. Like, I want to be a part of it. I want to support it. And I get that not all of this is going to be right. And here's the struggle. It's the fact that, you know, if that is true, I want to just give these teams more of an opportunity to innovate and try and figure out where this technology falls. And royalty sort of got taken away. And that's where I think a lot of this came back. So now we are at a point where it's like, where are the products? But in my head, I'm still a little bit like, yes, I definitely want real products, but I also want individuals and teams to be able to innovate in a way where there's not a dependency on just making money real quick but genuinely innovating in a space where they have that longevity and that long term sustainability to just go and figure it out.
Crossroads in Innovation
And that's, I guess, a crossroads we're at right now is it's, you know, there's no more royalties, so they don't have that Runway without building a product with a market fit and bringing a community along for that ride to fund that, or they still need to go the traditional route and get venture funding or some traditional funding. And I'm scared that gates the builders to only people who can get through those doors. And you're going to get higher quality of products from that approach. But I also like the idea that just anyone with a great idea can come and build in this space.
Invitation for Perspectives
I'd love to get some takes from you guys on, like, am I, is that just too idealistic? Is 2021 just proof that idealism really didn't work? Is it because we lost royalties? Is it for other reasons? Where do you guys sit in all of this? Do you still want to be able to innovate without needing to, you know, sell immediately? Or do you just think it's like. No, look, Jack, like, anyone should be able, if they're creating in this space, they should be able to monetize pretty quickly.
Concerns and Realizations
Otherwise, maybe it's just not the right space for them. I'm really, I'm torn. I'm torn between this. My bags have suffered from the idealism, I'm not going to lie. So I do look at normal products now as well. But I'm still an nft guy, I'm still a big project guy. And like, if someone's trying to build IP and it's going to take him a little longer, I'm still along for the ride as long as I believe in the team.
Further Discussion on Capital Deployment
Mhl, your hand is raised. So I'm going to throw to you, then Jared, then Ryder on this one, because I got emojis from all you homies. Yeah, I'd like just touch base on the deploying capital. I think it's gonna get harder and harder to build a product without capital. So in my opinion, the role of VC's, it's very important, actually. Now, in every industry we have capitalists.
Role of Capitalists
So those who have the capital to deploy, and entrepreneurs, those who have the idea, and also those who are gonna be building the idea right in the free market. If you think about it, if money is deployed towards one cryptocurrency or another, it's because it's like a governance there. People are deciding where they want to go. People are deciding which product is the best one. Why does bitcoin have the high gross market cap? Because there are more people who prefer to speculate or hold their assets in bitcoin rather than ethereum.
The Free Market Dynamics
This is people voting with their own money. That's the free market. So in my opinion, there is nothing wrong about that. Also, if you think about it, if you were to build a venture tomorrow and people starts giving you money, it's because they do believe in what you're building. That is proof of concept. That is people saying, you know what? I feel like you can make it. I'm going to give you my money.
Identifying Problems
If people are going to be telling you, no, I wouldn't give you my money, it means that you're less likely, probably, I would say, to make it okay. So I don't see the capital as an issue. I see the product who are not actually solving a problem as an issue. Because there are two types of businesses, if you think about it. There are businesses who solves the problem and businesses who creates a problem and sell the solution. Which one is you?
Acknowledging Builders
I love this, dude. I love that taken. Yeah. Clearly a lot of real builders in the room right now. Let's go over to Jared and then John on this one. Jared, sorry. I'm Ryder as well. Jared, what's your take on this?
Innovation and Dependency
Like, where's Xyro's head in on all this? But also your personal take, like, is innovation still incredibly important and do we get the right level of innovation if there's a lot of dependency on real, tangible products this early out of the gate in Webfree?
Community Engagement
I completely agree, dude. I think it's a very difficult balance, I think, with the community and their feedback. If you don't have a definitive culture who understand the product, the mindset of the team, and that isn't proliferated out to the community, then it can be a real problem.
Communication and Feedback
But if you and the community you've built is really aligned with the overarching goals and you've communicated that effectively, like, they understand what you're trying to achieve, then that sort of feedback and, you know, really engaging with that feedback can be so valuable. And I think that's the mistakes I've seen made, is not necessarily paying attention to the feedback.
Importance of Communication
It actually stems from the communication initially. And, you know, especially 2022 time, like so many people were just told, look, you just need to be really elusive with what you actually build. And, you know, it's all about hype. It's all about not telling people what's next. And unfortunately, what that led to was people saying, well, what about this next? What about that next? And it just, there was no, like, goal.
Moving Forward
There was no actual, like, this is where we're trying to get to. And I think we've got across that road now. It was a different one, but I think some of the biggest projects out there now have that definitive mindset and they've communicated that really well.
Ryder's Perspective
Rider, where's your head with all of this? Because I think if I can distill the question a little bit further before I throw you the mic, and then we'll get to John and Gabrielle, too, is, I think what I see is a lot of the communities who, you know, in one sense of form, they're given their hard earned cash to a project, whatever that looks like, whether it's for a collectible or like some sort of thing that's tied to the success of the project in a way.
Community Expectations
And I think what pains me the most about this is these things take a lot of time, especially innovative products like it's, you know, an MVP should be getting out, you know, way earlier than some of the projects have managed in this space. I don't want to, you know, I don't want to take away from the fact that some teams just aren't either working hard enough or just don't have a concrete enough idea.
Building Community Trust
However, some of these things do just take a little bit more time. So how do we get to a point where, you know, those community members who go all in and really do, you know, feel like the team are going to get somewhere? How do we, like, give the, set the expectations on the timeframe and keep these people along for the journey so they don't dump just before the thing actually gets big or before the product actually gets executed on?
Timeframe Challenges
Because I think that, you know, when I think about what I said earlier about innovation, I think it comes down to timeframe with some of these things. And it's like not having a patient enough community to really understand how long some of these things take to get built. Because I do think the web three space has a little bit less maturity than, say, venture funds or investors.
Tradition in the Space
I think we've got some tradition, like just normal people in this space. I would account myself as one of them, and I need a little bit more handholding when it comes to my belief in the teams. How do we bridge that gap? Yeah, I mean, it's definitely a challenge. And I think one of the first steps to all of this is just the level of transparency and communication with the actual community and ecosystem in itself. And that just kind of goes with community, you know, growing and setting the expectations with the community. Right. Yeah. I mean, you set your milestones properly and you're able to kind of identify and highlight that with the community and just let them know, hey, this is what's going on. This is what we've done, and this is what it's going to take to get to here. I mean, overall, I mean, the level of quality that you know, of investors that you end up driving is from the actual energy or the amount of, you know, communication and, you know, highlighting that you do kind of bring out in general.
Long-term Project Understanding
I mean, if you have this, you know, super quick short pump, you know, project that is just obviously one of those who isn't going to last. I mean, people are going to, you know, pump and dump, you know, if you have, you know, your community and they understand that this is a project that's building for the long term, the long haul and not to mention, you know, the level of partnerships that you have backing. I know you were, you definitely cut it off with the venture, you know, or the initial investors themselves. But, you know, when they see some of those initial investors and they see what you're actually doing and you're delivering, I think, you know, overall, most of them are going to, you know, generally hold, especially if they're seeing progression and milestone completions now. Yeah, I mean, then again, you're always going to have those people who are traders and they're just traders. You know, you love them, you hate them, but overall, you love and appreciate those individuals who are trading, you know, your product or your token and treating them as gems, you know, because without them, you know, your chart wouldn't look as good. And I think just being able to embrace that it's gonna happen is key.
Effective Communication Strategies
You have to embrace it. I love that dude. I do. Yeah. I think, you know, when it comes down to it is the communication. I think, you know, how effectively you communicate and the strategy of communication can be improved with some projects because of that mindset of like, you aren't speaking to VC's right now, guys. You're not speaking to traditional investors. Like you need, as you say, you need to have those milestones very clear to the community and you need to take them along for that journey. And I do think we're getting better at it. I think spaces like this idea of building more aggressively in public is one of those ways, like giving people insights to how you guys think as founders, as builders. Literally doing a show like this, I think that gives a lot of longevity, a lot of forward thinking to community members because they are out here and they are giving me insight to how they consider this all. And that to me is what I think we need to see more of. And I think that's a great take rider. I really love that. Let's go over to Gabrielle and then John on this one.
Involvement with a Tangible Product
Gabrielle, how are you approaching this? How are you approaching? Because you've got a very tangible product and I think one with great market fit with the crypto space as well. You know, we do spaces with Kibi also, and because of that, I've learned a lot about the project. We also hung out in Singapore, which was dope. And I just want to get your sense of, with this really tangible product, there's still, you know, there's going to be certain deliverables that are going to take some time. Right. Like the overarching goal for you, the company, you know, I'm sure it's got a huge timeline. So how are you considering bringing that community along for the ride and making sure that those guys who maybe don't have a traditional investment background or business background still, you know, along for the long haul, enough to really, you know, get that reward at the end when you really execute on your vision? I think you brought up a very good point with venture funds into the additional space.
Expectations with Different Markets
And I was actually hearing the, I don't know if you guys know it all in podcast with a few Silicon Valley guys. And one of the guys, Chamath, explained that most of his investments start delivering cash in year around 10, 11, 13. Right. So if you look at the normal venture space, you go from a c round to series A, series B, series C, etcetera, and you actually start getting a secondary market with where investors can start selling some of their shares, maybe around series C, series D, series Z. And I think that's a huge difference between normal venture space and the whole web three space. Because, of course, as soon as you start creating an NFT, a token, etcetera, you have super fast, or you can have super fast, a secondary market much faster than with a traditional venture fund or with a traditional venture company. So I think that's the big difference. And there you automatically have different expectations when you start going into a project.
Building Utility in Tokens
Now, from my perspective, is as soon as you actually build utility into your token or NFT, in theory, the secondary market should be an additional distribution channel and not a way to trade. So that's like how I look at it. And I mean, I take a boring example of sneakers like, you can buy a super rare sneaker. Now, if you love that sneaker, you actually wear it, you're proud of wearing it, and you walk around with it. And it's not the first idea. It's not, I'll trade it, right, because I bought it for $1,000. And I know on the secondary market I can sell it for $5,000. That's somebody that wants to do a flip and that's fine. It's completely fine that they're there. But from my perspective, you should attract as much as possible, as many as possible actually real customers.
Long-term Rewards and Community Education
So also from a community perspective, you can have fans, of course, that love your vision and love your product, et cetera. But in theory, you want as many customers and many users as possible actually buy your token, buy your NFT, because they love what they can do with it. And love what they can do is the utility. So I really have the feeling that the secondary market in the web three space are kind of a blessing and a curse at the same time. And you need to hit the right timing because if you have a token or an NFT that doesn't have any utility and then it starts getting traded, then you start building wrong expectations because people look only at the floor price and that's the only thing that is interesting for them. So you also build a completely different and wrong culture from my perspective, in your community because that's the main goal that they're looking at.
Importance of Utility in Token Projects
So I would say it's really utility that should drive the adoption of your tokens and of your NFTs. And you need to educate also your community that this is a long-term project. So it's not something that as soon as we do tge, then hey, we reached our mission, or the reward is basically having a high floor price or a high token price. The reward is actually being able to use your tokens or use your NFTs for the utility that you were promised to. Right. So I really look at it from that perspective. It might sound a bit boring, but I really believe in building utility and all the rest is at the end of the day a security. Because if you want to fund your startup and you want to sell a token for it and you don't have any utility and it's a security, it's very simple.
Crowdfunding vs. Utility
You do crowdfunding. Yeah, dude, I love that. I love that taken. Yeah, definitely align a lot with this. Now, John, what's your take with all of this? Because obviously with doge pound and you experience there and now with Minpad as well, like you're coming at this from two different angles and you're coming at it with a lot of experience from, you know, communities and expectation setting. What has that experience led you to, you know, do now with mint pad that maybe you didn't quite understand when initially, you know, trialing this all out with dogepound? Yeah, yeah. So many good points. I have so many thoughts on this. It's, it's a really interesting space building in this niche.
Consumer Engagement in NFT Space
You know, one hand we have mint pad, which feels more like a traditional business that I'm used to growing where sure you have consumers and people that use your product, but it's not anything like the NFT space where your consumers are also very heavily invested and very, yeah, I don't say this in a bad way, but very opinionated and what you want to do with the product and where you want to take it. So it's hard, I mean, I guess more from the NFT side with doge Pound. I was there really early. Doge Pound had a lot of early success. And you go from, you know, a product that had, if you guys think back to like the infancy of like, you know, doge Pound wasn't even super early, but were fairly early. You know, the early product, there was just, you know, a discord and a community and art.
Development and Growth of Doge Pound
And I remember, even I always say this, I feel like I'm broken record, but I always feel like it's great to bring up for a perception. But like, NFTs back then, I remember like some of the roadmaps were like, you know, if we, you know, sell out like 50% of our NFT, we're gonna make some t shirts and we're gonna open a discord and hire some mods and like that was like the extent of the product back then with some of these NFT communities, which just seems ridiculous, right? Like looking back now, like, that would never work now, which is also great. But then you go through all these cycles with, you know, your product and what is it supposed to beyond, beyond that? So it's been, doge pound has been a wild ride. It's something that I've never experienced before in any other startup I've ever done in the sense where again, like your holders and your consumers, they all want to be very, it's great.
Expectations and Community Input
Like they all want to be very involved and they're all very, you know, they all have their own opinions on where you should take the product. And you have to, yeah, you have to figure out as the founder and the team. Right. Like, you know, how do you, I think every company to a certain extent has to be able to do this. Like, right. How do you have a vision? And this has become even more prevalent now as nfts have gone on. Like, how do you have a vision but also stay somewhat lean and have your finger on the pulse of where the space is going and a good example of that. I'm a little bit biased because I got involved with some of the igloo and pudgy penguin stuff, but pudgy penguins, it's become clear now they have, their vision is going to become very ip centric.
Trust and Identity in the Space
They're building games, they're building products. And the vision has been very clear since the new team take has taken over. Right. Like, people kind of know to a certain extent what they're getting with pudgy penguins. So there's that level of trust and communication there. And you kind of know like the North Star with doge pound. I don't even know if we really, I mean, we're not anywhere near as successful to pudgie penguins. And I don't even, I think if you would ask our holders to, there's maybe a lot more confusion and there's more of like an identity crisis with something like doge pound where people don't necessarily know. So you could even use that as an example. I have so many thoughts on this. I think crypto, even as a general asset market, still has an identity crisis with a lot of the public.
Public Perception of Bitcoin
I think it's nice. Now, not to get too off tangent, but I think it's all somewhat relevant. Bitcoin is maybe the one asset right now in the crypto class that doesn't have as much of an identity crisis. When you ask the general public, a lot of people, even if this is true or not, I think its kind of nice that the general public has kind of started to classify bitcoin as like, digital gold, which some people would say, oh, that's a great example. And some people say, that’s not. But at least it gives, like, this core concept of when people think about it, they’re like, oh, yeah, I can conceptualize what it is. If you'd even move down to ethereum after that, and you were to ask people what Ethereum is and what's the future of it? What, you know, what some people say, like, oh, it's like the thing that everyone's building on.
Defining Ethereum's Role
You have all the, it’s, it’s, you know, it's great. It has all the developers, the opinions are going to vary all over the place. So, like, as a whole, as an industry, we just have a huge identity crisis. So the more, I guess, maybe to wrap up these thoughts, the more that you can not have an identity crisis as a product, especially in this space where consumers are just, they're naturally different, right. They need like constant validation and reassurance and like everyone, they're not sure they know they're in the right area, which we all know, like crypto and blockchain is. It's. It's upcoming and it has a future, but it's like, we don't know for sure. Like, you need this constant reassurance of like, okay, like, I'm actually in the right place and this company or this brand or this product, they actually know what they're doing.
Conclusive Thoughts
So yeah, I think that'd be my thoughts. I have so many thoughts on it. But yeah, it's. I'm so with you, by the way, John. And thank you so much for joining us today. And like, the transparency as well. I think the experience we have on stage with all these speakers right now, it's so vast, like, and people are building from so many different angles as well. This is. Oh, it's been one of my favorite conversations in a while, actually. I've really enjoyed this one. And again, it's because I'm passionate about it, because I've been in the space for, you know, about the same amount of time from the collector standpoint, but now working in the space as well, I'm more bullish than ever. Like really genuinely, I am. It doesn't mean I believe, like all these things are going to hit the speculative values that they were previously just because I'm more bullish in terms of the longevity of the space.
Transparency and Holder Engagement
But I think one key aspect of what you just spoke about there was this idea that pudgies and some of these other projects now definitively have shown their holders where they're at. And I think Suzuki for me is like a really big great example of this.
Anime as a Cultural Phenomenon
And I only say this because I'm anime fan. Not because like I have, you know, I hold an elemental, but like NFA, like not like I'm trying to pump anyone's bags here. And I guess my point is, you know, they bought anime.com, which was like a big acquisition for them. I think, you know, some people like that. Some people hate it and they've actually executed on tangible ip in terms of their trailers. But also now their series that is on YouTube and they have mangas, they have a very strong community. The event in Singapore now is being spoken about quite effectively in terms of the brand. And also the people building on top of that brand are fairly effective. That was also seen in Singapore. You know, there's a lot of, not necessarily partners, but like IP holders who are proliferating that brand favor.
Community Engagement and Brand Development
And all of that to say is like that was a project that had like a pretty checkered history and has found its feet by just being fairly definitive in terms of look, we're anime project. We're looking to build on anime. If you're into that and you're into IP building, then here's a space for you pudgy penguins with the collectibles and also how they proliferate their brand through their instagram and through their gifts. Like, people will know a pudgy penguin in the traditional space if you show them an image without knowing the NFT behind it. And that a value of mind share. Again, for some people, they can see where that product and project is going to go. So I definitely think giving the community something long term to latch onto and showing them a team who can execute on that now is definitively, you know, the path forward, how tangible the product needs to be.
Comparing Projects: Azuki and Pudgy Penguins
Though the reason I use the zuki as an example and PUBG as an example is one is further along in that map than the other, right? Like IP, they've literally, you know, released like half of, you know, I get 1520 minutes of content total for Azuki and the IP side and everything. And the anime.com acquisition, we don't know where that goes yet. Pujies, they have crushed the collectible game. Like they have crushed. They've had some of the biggest streamers on the planet, like get these things and show them off on their live streams, all of these things. And they've made some significant income from that as well in kinderg comparison to Azuki. So I think there's, you know, different strokes for different folks.
The Importance of Vision and Team in Startups
I do think that, you know, the focus really does show you that, you know, it doesn't have to be hyper tangible, but people need a vision and they need a team to get behind. So, yeah, I'm right with you on this one. This has been such a fun conversation. Look, to finish this one off, we haven't got too long left, but I would like to get some tips from you guys. You know, there's a ton of experience in the room right now. So id like to get a 62nd take off as many of you as possible on. If theres one thing that you could tell a newbie founder or maybe a founder whos just having a bit of an identity crisis right now, maybe theyre struggling because the markets coming back with their project hasnt really got the attention that they were expecting with the market. What would the one tip you would provide them to say, look, you just need to focus here initially and it's going to help you start getting back on track?
Advice for Founders Facing Challenges
I know that's a very difficult question, but literally just something that you just know in your heart of hearts is a move that you're going to consistently make in this space, and you're not going to falter from. Gabrielle, I'm going to throw the mic over to you first on this one. Homie, where does your mind go from if there was a single tip to help founders? I mean, it's a very good question. I would say that is what helps me the most is being very, let's say, comfort our vision, because as soon or as long, whatever it is, you have a very clear vision. That's your north star. Right. And with that in mind, you should be able, and I think what was said before, I think, was MHL, that grid is one of the most important thing.
Cultivating a Positive Mindset
If you have that clear vision and that grid, that there are some bumps in the road, you will get there, and there is actually a real problem that you're solving in the world. I think that should deliver you all the drive you need to actually go over all the obstacles that are in between. It could be a bearish market. It could be that you just hit your product and first version, et cetera. But at the end of the day, if you have a very clear vision, you know, hey, I'm solving actually a problem with this technology, then there is always a reason why to stand up every morning, wake up every morning and push it as much as possible and go all in. At least that's what really helps me out.
Collaboration and Seeking Help
And I think also our team to have a very clear vision and being confident that we're solving a huge problem in the world. I love that, dude. I love it. Great, great. Take rider Mike over to you, homie. What's your one tip for founders looking to build in this space? Yeah, if you could do me a favor. I know you gave me just that last tip for founders to build this space. If you could just give me a little more context to this, because, listen, I could give all sorts of tips and ideas, but I want to add a little bit more value. So.
Investing in Yourself and Community
Of course, dude, of course. I think, you know, to try and sum this up, it's really that one tip that you live by, you know, the heart of hearts of, like, there's this one thing that I am going to continue to do no matter where I work within the crypto industry, something that maybe is a lesson you've learned along the way and something that you just feel like every founder should understand about themselves or how they're trying to execute, basically, you know, the things that just drives you the most in terms of, like, this is a foundational idea I have that I believe is going to continue to provide me success in this space. Yeah, you got to believe in yourself.
Navigating Challenges in Founder Journey
I mean, you know, if you want to get to the center and the core of it, you have to believe in yourself, and you have to follow your own tuition, and you have to invest in yourself. And that means time, money, sacrifice. That means reputation. You know, and I think that's one of the biggest ones. Reputation. Some. Some founders, they get to a point and it's like, how do I continue? You know, at this point, I may lose face or, you know, I've got too much face. Right. And you just got to keep going on and believe in that.
Asking for Help and Utilizing Networks
I love it, dude. Yeah, I again, like these takes a fantastic. I do. You know, this is what I'm looking for in a founder. You know, if I'm going to get involved in a project, either working, consulting, holding, collecting, like these are, you know, foundational pieces that I look for in not just the founder, but the team as well. Yeah, they can't just be in it for the speculation. Let's go over to MHL next. MHL, what's your one tip like, your one, you know, driver, that you just think every founder, every team should really be looking at to really succeed in the space?
Reaching Out and Networking
Well, there is a moment for founders where they are confused, or they don't have the solutions, or they don't know what to do next. So my tip there is pretty simple, ask for help. We all have that one friend, or client or partner or person in the Internet who knows more than us, and there is no shame in going to that person asking for help just an hour of their time. You pitch them your problem, and if they don't provide you solution, at least you had somebody listening to you. And perhaps during that brainstorming session, you would find it yourself.
The Role of Advisors and Collaboration
I myself, when I was developing building MHL solutions, I have spend thousands of dollars in paying consultants for consultants. So there is this category of consultants who basically help business consultants into building their own business. I didn't know about this. The way I got to the. I got there was asking help. Also, if you are a service provider such as myself, there is no shame in going back to your client and telling them, can you perhaps open an introduction for me or anything? You can help me to increase my outreach.
Learning from Experience
I mean, everybody does that. You should do it, too. I was one of these guys who back in the time would say, oh, no, I don't want to go back to them and bother them. It's wrong. I'm going to make it myself. There is no I'm going to make it myself. Nobody had ever become billionaire by themselves. No way. That's not possible. I'm a one man company. But I have hundreds of partners, people who helped me scale my business. And it is true, communities are very important when it comes to personal growth.
Building a Supportive Network
When it comes to business growth, you need partners. You need people who you think they are smarter than you, who you think they're going to provide the value. You cannot, because perhaps you don't have the experience or your business have become too much personal to you. And this is also one of the biggest issue, is that you love your business that much, that you cannot see through it, that you cannot see the problems you have. That's why we have advisors, because they don't care about your business.
Advisors as Catalysts for Growth
They only care about making money off of you, and they're going to be telling you what is wrong with your business. That's my advice. I love that. Dude. This is incredible advice. Really, really loving all of this. John, let's get a 62nd take from you before Jared rounds out the show and gives us any updates from Exiro before we close out. Yeah, yeah. Great, great advice.
Understanding Market Needs
I think my advice, it almost sounds obnoxious to say this, but one of the best things you could do to start is, I mean, you're kind of in the right place right now. Get on to, I refuse to call it X. Still get on the Twitter. Have your finger on the pulse. I can't tell you how many companies I've worked with. This is maybe more relevant on the Minpad side, that are huge companies and they're trying to make decisions in the crypto space and they want to be relevant here and build products, but they literally have no clue what a consumer wants.
Community Engagement for Success
So maybe to take a little bit of a different approach for this advice, I would first educate yourself on what people want in the space and make sure there's an actual need for that and really get involved in the community. So Twitter is a great place to do that. Amazing. Yeah, that is something. Look, we've seen a number of big brands. I don't want to name any specific one, but, like, failing. Exactly. Because they didn't understand it and they tried to basically find some shortcuts without getting.
Final Words and Appreciation
Getting involved in the community. And it just did not go too well. So, yeah, definitely great takes. Jared, what a great conversation this has been. Homie, I'm going to throw the mic to you. Any final thoughts, and also any closing thoughts for Exiro in terms of updates or milestones that the listeners might want to know before we end the show. Thank you, brother. Thank you so much for supporting Homie. Thank you, homie.
Key Takeaways from the Discussion
Look, yeah, guys, I really implore you, if you've enjoyed the takes on today's show as well, definitely follow that main Xiro account. We do this weekly, and also these amazing speakers who've just given you an hour of their time, an hour of their expertise, and I'm really just, you know, a ton of alpha on how to operate in this space effectively. So thank you all so much for tuning in. You guys are why we do this and really appreciate the support and for sticking with us for that hour.
Closing Remarks
And we're going to play this one out now. Looking for a man in finance. Trust fund six five. Their eyes. Finance trust fund six five. I'm looking for a man and.
